CRYPTOCURRENCY AS A PHENOMENON IN THE MODERN ECONOMY

The article considers cryptocurrency not as an "Internet coin", but as a combination of
technologies, market practices and institutions that change the ways of issuing, circulation and accounting
of value. The material is devoted to three topics: demand factor - institutionalization through exchange- traded funds and use in cross-border settlements, main risks - price volatility, operational disruptions, and external environmental impacts, regulatory responses - the EU MiCA system, and the Central Bank's
interest in digital currencies.